AbbVie Inc. (NYSE:ABBV) Stake Reduced by Solidarity Wealth LLC

Solidarity Wealth LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 15.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,423 shares of the company’s stock after selling 825 shares during the period. Solidarity Wealth LLC’s holdings in AbbVie were worth $873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in ABBV. Hudson Valley Investment Advisors Inc. ADV raised its holdings in shares of AbbVie by 8.9% during the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 57,374 shares of the company’s stock valued at $11,330,000 after buying an additional 4,685 shares during the last quarter. Fiducient Advisors LLC grew its holdings in AbbVie by 1.6% in the 3rd quarter. Fiducient Advisors LLC now owns 4,514 shares of the company’s stock worth $892,000 after buying an additional 69 shares in the last quarter. JFS Wealth Advisors LLC increased its position in AbbVie by 569.4% in the 3rd quarter. JFS Wealth Advisors LLC now owns 10,182 shares of the company’s stock valued at $2,011,000 after acquiring an additional 8,661 shares during the period. Diversify Wealth Management LLC raised its stake in AbbVie by 17.3% during the 3rd quarter. Diversify Wealth Management LLC now owns 15,795 shares of the company’s stock valued at $2,968,000 after acquiring an additional 2,328 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in AbbVie by 4.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 123,638 shares of the company’s stock worth $24,416,000 after acquiring an additional 5,635 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the topic of a number of research analyst reports. UBS Group raised their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. BMO Capital Markets raised their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $199.39.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Up 6.4 %

ABBV stock opened at $201.55 on Thursday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market capitalization of $355.91 billion, a P/E ratio of 59.81, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $202.35. The company’s 50 day simple moving average is $193.85 and its 200-day simple moving average is $178.91.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 183.98%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.